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La-Z-Boy

NYSE:LZB
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LZB
NYSE
$2B
Market Cap
  1. Home
  2. US
  3. Consumer Durables
Company description

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. The last earnings update was 28 days ago. More info.


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LZB Share Price and Events
7 Day Returns
-3.1%
NYSE:LZB
-1.3%
US Consumer Durables
1.6%
US Market
1 Year Returns
8.6%
NYSE:LZB
-9.9%
US Consumer Durables
3.2%
US Market
LZB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
La-Z-Boy (LZB) -3.1% 4.9% 25.1% 8.6% 27.8% 20.7%
US Consumer Durables -1.3% 1.1% 14.6% -9.9% 7.6% 23%
US Market 1.6% 2.1% 12.8% 3.2% 38.6% 43.6%
1 Year Return vs Industry and Market
  • LZB outperformed the Consumer Durables industry which returned -9.9% over the past year.
  • LZB outperformed the Market in United States of America which returned 3.2% over the past year.
Price Volatility
LZB
Industry
5yr Volatility vs Market
Related Companies

LZB Value

 Is La-Z-Boy undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of La-Z-Boy to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for La-Z-Boy.

NYSE:LZB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:LZB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.914 (1 + (1- 21%) (1.32%))
0.949
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.949 * 5.96%)
8.39%

Discounted Cash Flow Calculation for NYSE:LZB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for La-Z-Boy is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:LZB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.39%)
2019 81.01 Analyst x2 74.74
2020 101.07 Analyst x2 86.04
2021 120.87 Analyst x2 94.93
2022 128.90 Analyst x1 93.41
2023 140.90 Analyst x1 94.20
2024 150.83 Est @ 7.05% 93.04
2025 159.51 Est @ 5.75% 90.78
2026 167.24 Est @ 4.85% 87.82
2027 174.29 Est @ 4.21% 84.44
2028 180.85 Est @ 3.77% 80.84
Present value of next 10 years cash flows $880.24
NYSE:LZB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $180.85 × (1 + 2.73%) ÷ (8.39% – 2.73%)
$3,285.24
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,285.24 ÷ (1 + 8.39%)10
$1,468.46
NYSE:LZB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $880.24 + $1,468.46
$2,348.70
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,348.70 / 46.66
$50.34
NYSE:LZB Discount to Share Price
Calculation Result
Value per share (USD) From above. $50.34
Current discount Discount to share price of $32.95
= -1 x ($32.95 - $50.34) / $50.34
34.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price La-Z-Boy is available for.
Intrinsic value
35%
Share price is $32.95 vs Future cash flow value of $50.34
Current Discount Checks
For La-Z-Boy to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • La-Z-Boy's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • La-Z-Boy's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for La-Z-Boy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are La-Z-Boy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:LZB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-01-26) in USD $2.15
NYSE:LZB Share Price ** NYSE (2019-03-19) in USD $32.95
United States of America Consumer Durables Industry PE Ratio Median Figure of 47 Publicly-Listed Consumer Durables Companies 11.98x
United States of America Market PE Ratio Median Figure of 3,056 Publicly-Listed Companies 17.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of La-Z-Boy.

NYSE:LZB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:LZB Share Price ÷ EPS (both in USD)

= 32.95 ÷ 2.15

15.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • La-Z-Boy is overvalued based on earnings compared to the US Consumer Durables industry average.
  • La-Z-Boy is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does La-Z-Boy's expected growth come at a high price?
Raw Data
NYSE:LZB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
11%per year
United States of America Consumer Durables Industry PEG Ratio Median Figure of 36 Publicly-Listed Consumer Durables Companies 1.22x
United States of America Market PEG Ratio Median Figure of 2,107 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

NYSE:LZB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.3x ÷ 11%

1.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • La-Z-Boy is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on La-Z-Boy's assets?
Raw Data
NYSE:LZB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-01-26) in USD $14.07
NYSE:LZB Share Price * NYSE (2019-03-19) in USD $32.95
United States of America Consumer Durables Industry PB Ratio Median Figure of 69 Publicly-Listed Consumer Durables Companies 1.37x
United States of America Market PB Ratio Median Figure of 5,154 Publicly-Listed Companies 1.89x
NYSE:LZB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:LZB Share Price ÷ Book Value per Share (both in USD)

= 32.95 ÷ 14.07

2.34x

* Primary Listing of La-Z-Boy.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • La-Z-Boy is overvalued based on assets compared to the US Consumer Durables industry average.
X
Value checks
We assess La-Z-Boy's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Durables industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Durables industry average (and greater than 0)? (1 check)
  5. La-Z-Boy has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

LZB Future Performance

 How is La-Z-Boy expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is La-Z-Boy expected to grow at an attractive rate?
  • La-Z-Boy's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • La-Z-Boy's earnings growth is positive but not above the United States of America market average.
  • La-Z-Boy's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:LZB Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:LZB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 11%
NYSE:LZB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 4.6%
United States of America Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 17.1%
United States of America Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 5.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:LZB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:LZB Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-04-30 2,091 186 143 1
2022-04-30 2,042 174 135 1
2021-04-30 1,936 162 119 2
2020-04-30 1,861 142 106 4
2019-04-30 1,763 130 91 4
NYSE:LZB Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-01-26 1,712 116 101
2018-10-27 1,658 111 84
2018-07-28 1,612 128 87
2018-04-28 1,584 116 80
2018-01-27 1,577 146 74
2017-10-28 1,553 145 85
2017-07-29 1,536 132 83
2017-04-29 1,520 148 86
2017-01-28 1,524 136 80
2016-10-29 1,518 145 79
2016-07-30 1,525 147 79
2016-04-30 1,525 115 79

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • La-Z-Boy's earnings are expected to grow by 11% yearly, however this is not considered high growth (20% yearly).
  • La-Z-Boy's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:LZB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from La-Z-Boy Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:LZB Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-04-30 3.15 3.15 3.15 1.00
2022-04-30 2.93 2.93 2.93 1.00
2021-04-30 2.58 2.58 2.57 2.00
2020-04-30 2.27 2.30 2.21 4.00
2019-04-30 1.92 2.12 1.37 4.00
NYSE:LZB Past Financials Data
Date (Data in USD Millions) EPS *
2019-01-26 2.15
2018-10-27 1.79
2018-07-28 1.84
2018-04-28 1.69
2018-01-27 1.55
2017-10-28 1.76
2017-07-29 1.71
2017-04-29 1.75
2017-01-28 1.63
2016-10-29 1.59
2016-07-30 1.59
2016-04-30 1.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • La-Z-Boy is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess La-Z-Boy's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
La-Z-Boy has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

LZB Past Performance

  How has La-Z-Boy performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare La-Z-Boy's growth in the last year to its industry (Consumer Durables).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • La-Z-Boy's year on year earnings growth rate has been positive over the past 5 years.
  • La-Z-Boy's 1-year earnings growth exceeds its 5-year average (35.5% vs 8.5%)
  • La-Z-Boy's earnings growth has exceeded the US Consumer Durables industry average in the past year (35.5% vs 34.3%).
Earnings and Revenue History
La-Z-Boy's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from La-Z-Boy Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:LZB Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-01-26 1,711.64 100.85 537.33 7.90
2018-10-27 1,657.69 84.26 512.31 7.90
2018-07-28 1,611.56 87.09 488.89 7.90
2018-04-28 1,583.95 80.46 486.44 7.90
2018-01-27 1,576.63 74.28 492.50 8.00
2017-10-28 1,552.98 85.41 487.31 8.00
2017-07-29 1,536.36 83.36 479.73 8.00
2017-04-29 1,520.06 85.50 467.96 8.00
2017-01-28 1,524.42 80.25 468.49 6.30
2016-10-29 1,518.45 78.88 458.46 6.30
2016-07-30 1,524.76 78.99 455.34 6.30
2016-04-30 1,525.40 78.85 447.85 6.30
2016-01-23 1,483.27 75.95 425.99 8.00
2015-10-24 1,457.13 71.88 415.42 8.00
2015-07-25 1,439.84 70.18 402.71 8.00
2015-04-25 1,425.40 67.08 395.23 6.10
2015-01-24 1,403.48 61.95 385.24 7.90
2014-10-25 1,392.13 61.58 378.71 7.90
2014-07-26 1,378.80 59.49 375.57 7.90
2014-04-26 1,357.32 58.43 367.26 7.90
2014-01-25 1,332.33 62.37 362.15 7.20
2013-10-26 1,326.01 61.57 355.50 7.20
2013-07-27 1,277.88 50.85 346.62 7.20
2013-04-27 1,273.88 45.73 341.90 7.20
2013-01-26 1,273.24 46.46 337.88 7.70
2012-10-27 1,249.54 44.60 331.20 7.70
2012-07-28 1,253.08 45.99 327.06 7.70
2012-04-28 1,166.71 81.41 314.47 7.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • La-Z-Boy has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • La-Z-Boy used its assets more efficiently than the US Consumer Durables industry average last year based on Return on Assets.
  • La-Z-Boy's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess La-Z-Boy's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Durables industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
La-Z-Boy has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

LZB Health

 How is La-Z-Boy's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up La-Z-Boy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • La-Z-Boy is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • La-Z-Boy's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of La-Z-Boy's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 27x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from La-Z-Boy Company Filings, last reported 1 month ago.

NYSE:LZB Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-01-26 671.79 20.25 119.54
2018-10-27 649.23 35.31 110.14
2018-07-28 626.66 0.36 149.73
2018-04-28 625.22 13.62 150.69
2018-01-27 602.84 0.48 151.36
2017-10-28 604.36 0.55 137.48
2017-07-29 603.00 0.45 136.35
2017-04-29 601.11 14.52 158.77
2017-01-28 586.93 0.59 126.01
2016-10-29 572.18 0.65 121.44
2016-07-30 558.23 0.71 131.84
2016-04-30 557.21 0.80 127.68
2016-01-23 551.21 0.86 110.10
2015-10-24 543.37 4.97 84.97
2015-07-25 532.58 1.09 99.22
2015-04-25 533.10 8.13 115.07
2015-01-24 530.96 0.38 118.21
2014-10-25 531.93 0.44 136.13
2014-07-26 527.09 0.58 134.01
2014-04-26 529.72 7.77 165.56
2014-01-25 519.32 7.92 152.21
2013-10-26 510.33 8.09 147.25
2013-07-27 494.59 7.96 147.10
2013-04-27 491.97 8.09 142.99
2013-01-26 478.81 7.63 119.58
2012-10-27 464.52 7.74 95.21
2012-07-28 452.70 7.78 116.16
2012-04-28 447.82 9.76 152.37
  • La-Z-Boy's level of debt (3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (1.5% vs 3% today).
  • Debt is well covered by operating cash flow (572.8%, greater than 20% of total debt).
  • La-Z-Boy earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess La-Z-Boy's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. La-Z-Boy has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

LZB Dividends

 What is La-Z-Boy's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.58%
Current annual income from La-Z-Boy dividends. Estimated to be 1.95% next year.
If you bought $2,000 of La-Z-Boy shares you are expected to receive $32 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • La-Z-Boy's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • La-Z-Boy's dividend is below the markets top 25% of dividend payers in United States of America (3.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:LZB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 2.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:LZB Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-04-30 0.80 1.00
2022-04-30 0.72 1.00
2021-04-30 0.64 1.00
2020-04-30 0.56 1.00
2019-04-30 0.50 1.00
NYSE:LZB Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-26 0.520 1.527
2018-08-28 0.480 1.626
2018-05-01 0.480 1.532
2018-02-23 0.480 1.592
2017-08-29 0.440 1.544
2017-05-09 0.440 1.489
2017-02-21 0.440 1.600
2016-08-24 0.400 1.471
2016-05-03 0.400 1.447
2016-02-17 0.400 1.559
2015-08-19 0.320 1.266
2015-05-04 0.320 1.216
2014-11-18 0.320 1.207
2014-08-20 0.240 1.117
2014-04-29 0.240 1.034
2014-02-20 0.240 0.922
2013-11-19 0.240 0.843
2013-08-21 0.160 0.704
2013-04-30 0.160 0.806
2013-02-19 0.160 0.882
2012-11-28 0.160 1.076
2010-11-24 0.000 0.000
2010-11-22 0.000 0.000
2010-08-17 0.000 0.000
2010-06-14 0.000 0.000
2010-02-16 0.000 0.000
2009-11-17 0.000 0.000
2009-08-18 0.000 0.000
2009-03-20 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, La-Z-Boy has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but La-Z-Boy only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of La-Z-Boy's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.1x coverage).
X
Income/ dividend checks
We assess La-Z-Boy's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can La-Z-Boy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. La-Z-Boy has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LZB Management

 What is the CEO of La-Z-Boy's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kurt Darrow
COMPENSATION $4,433,701
AGE 63
TENURE AS CEO 15.5 years
CEO Bio

Mr. Kurt L. Darrow has been the President and Chief Executive Officer at La-Z-Boy Inc. since September 9, 2003. Mr. Darrow served as the President of La-Z-Boy Residential, flagship brand and largest division of La-z-boy Inc. from 2001 to 2003. He served as Senior Vice President of Sales & Marketing of La-z-boy Inc. and served as its Vice President, Sales for nearly 12 years. Mr. Darrow played a pivotal role in the successful introduction and evolution of La-z-boy Inc.'s proprietary distribution system. He served as Chairman at American Home Furnishings Alliance since 2008. He serves as Vice Chairman on the Board of Mercy Memorial Hospital in Monroe. He has been an Independent Director of CMS Energy Corporation and Consumers Energy Company since November 15, 2013. He serves as a Director of Business Leaders for Michigan. Mr. Darrow has been the Chairman of the Board of La-z-boy Inc. since August 24, 2011. Mr. Darrow has been an Executive Director of La-Z-Boy Inc. since 2003. He serves as a Trustee at ProMedica and Chairman of the ProMedica Monroe Regional Hospital Board of Trustees. He served as a Director of American Home Furnishings Alliance, Inc. and serves as its Director Emeritus He was a Trustee of Adrian College. He was a Member of the Board of Trustees of Adrian from 2002 to 2011. He holds a Bachelor of Arts degree in Business Administration from Adrian College.

CEO Compensation
  • Kurt's compensation has been consistent with company performance over the past year.
  • Kurt's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the La-Z-Boy management team in years:

3.2
Average Tenure
53
Average Age
  • The tenure for the La-Z-Boy management team is about average.
Management Team

Kurt Darrow

TITLE
Chairman
COMPENSATION
$4M
AGE
63
TENURE
15.5 yrs

Otis Sawyer

TITLE
Senior VP & President of La-Z-Boy Portfolio Brands
COMPENSATION
$1M
AGE
60
TENURE
11.1 yrs

Doug Collier

TITLE
Senior VP
COMPENSATION
$1M
AGE
51
TENURE
11.8 yrs

Darrell Edwards

TITLE
Chief Supply Chain Officer & Senior VP
COMPENSATION
$1M
AGE
54
TENURE
4.6 yrs

Melinda Whittington

TITLE
Senior VP & CFO
AGE
50
TENURE
0.8 yrs

Lindsay Barnes

TITLE
VP, Corporate Controller & Chief Accounting Officer
AGE
40
TENURE
1.6 yrs

David Behen

TITLE
Chief Information Officer & VP
TENURE
1.8 yrs

Kathy Liebmann

TITLE
Director of Investor Relations & Corporate Communications
TENURE
13.6 yrs

Steve Krull

TITLE
VP, General Counsel & Corporate Secretary
AGE
53
TENURE
0.2 yrs

Katie Vanderjagt

TITLE
Chief Human Resources Officer
TENURE
0.6 yrs
Board of Directors Tenure

Average tenure and age of the La-Z-Boy board of directors in years:

7.6
Average Tenure
66
Average Age
  • The tenure for the La-Z-Boy board of directors is about average.
Board of Directors

Nido Qubein

TITLE
Independent Director
COMPENSATION
$203K
AGE
69
TENURE
13.2 yrs

Kurt Darrow

TITLE
Chairman
COMPENSATION
$4M
AGE
63
TENURE
7.6 yrs

Ed Holman

TITLE
Independent Director
COMPENSATION
$202K
AGE
71
TENURE
9.2 yrs

Mike Lawton

TITLE
Independent Director
COMPENSATION
$195K
AGE
59
TENURE
5.6 yrs

W. McCollough

TITLE
Lead Director
COMPENSATION
$223K
AGE
68
TENURE
3.6 yrs

H. Levy

TITLE
Independent Director
COMPENSATION
$193K
AGE
68
TENURE
22.2 yrs

Janet Kerr

TITLE
Independent Director
COMPENSATION
$191K
AGE
63
TENURE
10.1 yrs

Sarah Gallagher

TITLE
Director
COMPENSATION
$171K
AGE
66
TENURE
2.6 yrs

Lauren Peters

TITLE
Director
COMPENSATION
$171K
AGE
56
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • La-Z-Boy insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
25. Feb 19 Sell J. Collier Individual 21. Feb 19 21. Feb 19 -12,814 $35.68 $-457,203
20. Sep 18 Sell J. Collier Individual 18. Sep 18 18. Sep 18 -5,000 $31.66 $-158,275
X
Management checks
We assess La-Z-Boy's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. La-Z-Boy has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

LZB News

Simply Wall St News

Why La-Z-Boy Incorporated (NYSE:LZB) Is An Attractive Investment To Consider

La-Z-Boy Incorporated (NYSE:LZB) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … is a company with great financial health as well as a.

Simply Wall St -

Read This Before Considering La-Z-Boy Incorporated (NYSE:LZB) For Its Upcoming US$0.13 Dividend

Have you been keeping an eye on La-Z-Boy Incorporated's (NYSE:LZB) upcoming dividend of US$0.13 per share payable on the 20 March 2019? … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:?

Simply Wall St -

Does La-Z-Boy Incorporated's (NYSE:LZB) CEO Salary Compare Well With Others?

How Does Kurt Darrow's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that La-Z-Boy Incorporated has a market cap of US$1.7b, and is paying total annual CEO compensation of US$4.4m. … While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at US$990k

Simply Wall St -

Should You Be Concerned About La-Z-Boy Incorporated's (NYSE:LZB) Earnings Growth?

Today I will assess LZB's recent performance announced on 27 October 2018 and evaluate these figures to its longer term trend and industry movements. … LZB's trailing twelve-month earnings (from 27 October 2018) of US$84m has. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 7.7%, indicating the rate at which LZB is growing has slowed down

Simply Wall St -

Does La-Z-Boy Incorporated (NYSE:LZB) Have A Particularly Volatile Share Price?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Why La-Z-Boy Incorporated’s (NYSE:LZB) Cash Is A Factor You Need To Consider

Two important questions to ask before you buy La-Z-Boy Incorporated (NYSE:LZB) is, how it makes money and how it spends its cash. … I’ve analysed below, the health and outlook of La-Z-Boy’s cash flow, which will help you understand the stock from a cash standpoint. … La-Z-Boy’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure

Simply Wall St -

Have Insiders Been Selling La-Z-Boy Incorporated (NYSE:LZB) Shares?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So shareholders might well want to know whether insiders have been buying or selling shares in La-Z-Boy Incorporated (NYSE:LZB). … It is perfectly legal for company insiders, including board members, to buy and sell stock in a company.

Simply Wall St -

With A Return On Equity Of 13%, Has La-Z-Boy Incorporated's (NYSE:LZB) Management Done Well?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … That means that for every $1 worth of shareholders' equity, it generated $0.13 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

A Close Look At La-Z-Boy Incorporated’s (NYSE:LZB) 17% ROCE

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Is La-Z-Boy Incorporated's (NYSE:LZB) Stock Available For A Good Price After Accounting For Growth?

La-Z-Boy Incorporated (NYSE:LZB) is considered a high growth stock. … However its last closing price of $25.35 left investors wondering whether this growth has already been factored into the share price. … According to the analysts covering the company, the following few years should bring about good growth prospects for La-Z-Boy

Simply Wall St -

LZB Company Info

Description

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas. This segment sells its products directly to La-Z-Boy Furniture Galleries stores, operators of Comfort Studios and England custom comfort center locations, dealers, and other independent retailers. The Casegoods segment imports, markets, and distributes casegoods (wood) furniture, including bedroom sets, dining room sets, entertainment centers, and occasional pieces, as well as manufactures upholstered furniture. This segment sells its products to dealers, La-Z-Boy Furniture Galleries stores, and other independent retailers under the American Drew, Hammary, and Kincaid brands. The Retail segment sells upholstered furniture, casegoods, and other accessories to the end consumer through its retail network. This segment operates a network of 350 La-Z-Boy Furniture Galleries stores and 535 Comfort Studio locations, as well as in-store programs with 542 outlets in Kincaid and England. La-Z-Boy Incorporated also produces reclining chairs; and manufactures and distributes residential furniture. The company was formerly known as La-Z-Boy Chair Company and changed its name to La-Z-Boy Incorporated in 1996. La-Z-Boy Incorporated was founded in 1927 and is based in Monroe, Michigan.

Details
Name: La-Z-Boy Incorporated
LZB
Exchange: NYSE
Founded: 1927
$1,537,429,866
46,659,480
Website: http://www.la-z-boy.com
Address: La-Z-Boy Incorporated
One La-Z-Boy Drive,
Monroe,
Michigan, 48162,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE LZB Common Shares New York Stock Exchange US USD 14. Dec 1972
DB LAZ Common Shares Deutsche Boerse AG DE EUR 14. Dec 1972
Number of employees
Current staff
Staff numbers
9,000
La-Z-Boy employees.
Industry
Home Furnishings
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/19 23:38
End of day share price update: 2019/03/19 00:00
Last estimates confirmation: 2019/02/21
Last earnings filing: 2019/02/19
Last earnings reported: 2019/01/26
Last annual earnings reported: 2018/04/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.